题目：Visibility through smog: The unintentional informative effect of air pollution on stock prices

雾霾中的能见度：空气污染对股价的意外信息效应

主讲人：李伟平

时间：2024 年 5 月23 日 上午10点到11点30分

地点：励耘楼 B312

摘要： Our study examines the impact of air pollution on the informativeness of stock prices based on Chinese listed companies. We identify a positive correlation between air pollution and stock price informativeness. This association holds across various robustness checks, including multiple definitions of informativeness and air pollution and instrumental variable regression analyses, regression discontinuity analysis and so on. Further, our findings reveal that increased air pollution garners additional external attention towards companies, subsequently enhancing the informativeness of stock prices. This effect is particularly strong in firms in regions with heightened public environmental awareness and companies in the heavily-polluting industries. Our results show that only the corporates with good corporate governance can benefit from the air pollution. Most notably, we establish that this unintentional increase in stock price informativeness linked to air pollution is associated with a rise in firm value.

本研究基于中国上市公司，进一步探讨了空气污染对股价信息含量的影响。我们发现空气污染与股价信息含量之间存在正相关关系,即空气污染意外地提高了企业股价信息含量。这一关心在各种稳健性检验中均得到证实，包括变量的不同衡量方式、工具变量、断点回归等。我们的研究还发现，空气污染的增加吸引了更多外部对公司的关注，从而提高了股价的信息含量。这一效应在公众环保意识较高地区和重污染行业的企业中尤为明显。我们的研究结果表明，只有具有良好公司治理结构、融资约束小的企业，和行业竞争较弱时，企业才能从空气污染中受益。最值得注意的是，我们发现这种与空气污染相关的股价信息含量意外增加最终能够提升企业的价值。

个人简介：李伟平，中山大学国际金融学院助理教授，硕士生导师。主要研究兴趣是公司金融、绿色金融、数字金融和文化金融。目前已在Journal of Financial Stability、Journal of International Financial Markets, Institutions and Money、Business Strategy and the Environment、Energy Economics、Humanities and Social Sciences Communications(nature旗下刊物)、Pacific-Basin Finance Journal、International Review of Economics and Finance、Accounting & Finance等国际SSCI/SCI期刊发表多篇论文。主持广东省自然科学基金面上项目1项。